Zacks Investment Research Upgrades Pioneer Natural Resources Company (PXD) to Buy

Pioneer Natural Resources Company (NYSE:PXD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The firm currently has a $169.00 price target on the oil and gas development company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 15.56% from the company’s previous close.

According to Zacks, “Pioneer remains focused on the Permian Basin, which is among the lucrative oil shale plays with less risk for operation. The region has been growing production even with reduced investment. It is to be noted that for 2017, Pioneer expects production growth between 15% and 18%. The company’s low level of debt is also noteworthy. Since 2016, there has been a steady decline in the company’s long-term debt levels, reflecting strong balance sheet. Pioneer Natural Resources has an encouraging earnings surprise history despite persistent weak commodity prices. The oil & gas exploration and production firm was able to beat the Zacks Consensus Estimate in three of the last four quarters with an average positive earnings surprise of 46.74%.”

Other analysts have also recently issued research reports about the stock. Citigroup Inc. dropped their target price on shares of Pioneer Natural Resources from $210.00 to $190.00 and set a “buy” rating for the company in a research report on Friday, July 21st. Cowen and Company set a $210.00 target price on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research report on Wednesday, July 19th. Stifel Nicolaus restated a “buy” rating and issued a $268.00 price objective on shares of Pioneer Natural Resources in a research report on Friday, July 14th. Scotiabank set a $210.00 price objective on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research report on Saturday, July 1st. Finally, Royal Bank Of Canada set a $233.00 price objective on shares of Pioneer Natural Resources and gave the company a “buy” rating in a research report on Saturday, June 17th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and eighteen have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $200.16.

Pioneer Natural Resources (NYSE:PXD) last issued its earnings results on Tuesday, August 1st. The oil and gas development company reported $0.21 EPS for the quarter, beating the consensus estimate of $0.11 by $0.10. The company had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Pioneer Natural Resources had a net margin of 3.10% and a return on equity of 1.79%. The business’s revenue for the quarter was up 107.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.22) EPS.

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In other Pioneer Natural Resources news, Director Andrew F. Cates purchased 350 shares of Pioneer Natural Resources stock in a transaction that occurred on Friday, August 11th. The shares were bought at an average price of $135.37 per share, for a total transaction of $47,379.50. Following the completion of the transaction, the director now owns 14,556 shares of the company’s stock, valued at approximately $1,970,445.72. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director J Kenneth Thompson purchased 750 shares of Pioneer Natural Resources stock in a transaction that occurred on Tuesday, August 15th. The stock was acquired at an average price of $133.40 per share, for a total transaction of $100,050.00. Following the transaction, the director now directly owns 10,865 shares of the company’s stock, valued at approximately $1,449,391. The disclosure for this purchase can be found here. Insiders purchased 1,200 shares of company stock worth $161,102 in the last 90 days. 0.89% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of PXD. BlackRock Inc. boosted its stake in Pioneer Natural Resources by 2,397.3% during the first quarter. BlackRock Inc. now owns 11,376,848 shares of the oil and gas development company’s stock worth $2,118,708,000 after buying an additional 10,921,279 shares during the period. Capital World Investors boosted its stake in Pioneer Natural Resources by 45.4% during the second quarter. Capital World Investors now owns 8,005,002 shares of the oil and gas development company’s stock worth $1,277,438,000 after buying an additional 2,500,000 shares during the period. Ameriprise Financial Inc. boosted its stake in Pioneer Natural Resources by 706.3% during the second quarter. Ameriprise Financial Inc. now owns 2,006,435 shares of the oil and gas development company’s stock worth $319,475,000 after buying an additional 1,757,576 shares during the period. FMR LLC boosted its stake in Pioneer Natural Resources by 18.3% during the first quarter. FMR LLC now owns 8,424,493 shares of the oil and gas development company’s stock worth $1,568,894,000 after buying an additional 1,304,274 shares during the period. Finally, Clearbridge Investments LLC boosted its stake in Pioneer Natural Resources by 68,788.6% during the first quarter. Clearbridge Investments LLC now owns 895,552 shares of the oil and gas development company’s stock worth $166,779,000 after buying an additional 894,252 shares during the period. 91.57% of the stock is owned by institutional investors.

About Pioneer Natural Resources

Pioneer Natural Resources Company is an oil and gas exploration and production company. The Company explores for, develops and produces oil, natural gas liquids (NGLs) and gas within the United States, with operations primarily in the Permian Basin in West Texas, the Eagle Ford Shale play in South Texas, the Raton field in southeast Colorado and the West Panhandle field in the Texas Panhandle.

Analyst Recommendations for Pioneer Natural Resources (NYSE:PXD)

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